Ninety One, the asset management arm of Investec, has confirmed plans to debut on the stock exchanges in London and Johannesburg on 16 March.

On admission to the market, Ninety One expects Investec shareholders to hold approximately 55% of the share capital and Investec Group to retain around 15%.

Ninety One employees will have a 20% ownership. New or existing institutional investors will have the remaining 10% ownership.

Commenting on the move, Investec joint CEO and Ninety One founder Hendrik du Toit said: “After 29 years as part of a diversified financial services group, this is an important event in our development. This transaction strengthens our offering to clients as an independent specialist investment manager.

“Combined with our unique ownership structure, this enhances our efforts to attract and retain the very best talent. We believe this will benefit our shareholders.

“The dual-listing structure will acknowledge our South African roots, while the London listing positions us for continued international growth.”

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Last year, Investec announced plans to spin-off its asset management business through a demerger and said that the business will be rebranded as Ninety One.

Ninety One has regional teams in Africa, the UK Asia Pacific, the Americas as well as Europe. The business managed £121bn in assets at the end of September 2019.